Cetera Partners with Bank of Hawai'i to Transform Investment Services
In a significant move to enhance its investment services program, Bank of Hawai'i has entered into a partnership with Cetera Financial Institutions, aiming to scale and improve its assets under administration, currently standing at $2.5 billion. This collaboration will allow Bankoh Investment Services, Inc. (BISI) to benefit from Cetera's advanced technology and support, which will ultimately create a modernized experience for their wealth management clients.
Modernizing Client Experiences with Technology
This partnership underscores the commitment of Bank of Hawai'i to evolve within a fast-changing wealth management sector. By utilizing Cetera's innovative solutions, clients can expect an enriched experience that provides tailored financial advice, empowered by enhanced resources and technology.
Transitioning BISI to Bankoh Advisors
As part of this agreement, Bankoh Investment Services will transition to Bankoh Advisors later this year. This rebranding reflects a new chapter for BISI, which has been functioning independently since the early 1990s as a broker-dealer. The strategic partnership with Cetera illustrates the bank's focus on maintaining its commitment to providing exceptional client service in Hawai'i.
Shared Vision and Mission
Leaders from both organizations emphasized their shared vision of placing client needs at the forefront. Christopher Otto, president of BISI, expressed enthusiasm about the collaboration, stating, "Cetera Financial Institutions is a natural fit for us as a broker-dealer partner. They have a dedicated channel structure that aligns perfectly with the specialized needs of wealth management programs. Our mutual goal of placing people first drives this partnership forward."
Dedication to Client-Centric Solutions
LeAnn Rummel, president and CEO of Cetera Investment Services, also reflected on the strong alignment between the two institutions. She noted that the bank's dedication to personalized client service is a key component of what makes this partnership effective. Cetera aims to deliver the right tools and expertise that ideally match client-focused financial planning services.
Cetera Financial Institutions: A Leader in Wealth Management
Cetera Financial Institutions has established a notable presence within the world of investment services, supporting over 450 banks and credit unions. Recently celebrating its 40th anniversary, Cetera maintains a retention rate exceeding 99%, indicating a high level of satisfaction among its partner institutions.
Help for Financial Professionals
With approximately 12,000 financial professionals under its banner, Cetera oversees an impressive $545 billion in assets under administration, alongside $235 billion in assets under management as of September 30, 2024. The wealth of experience and feedback garnered from their advisors emphasizes their commitment to superior service and satisfaction in the financial advisory space.
Commitment to Community and Support
Bank of Hawai'i Corporation has a deep-rooted history in servicing the financial needs of various customers, including businesses, consumers, and government entities in Hawai'i and the Pacific region. Known for its community-driven approach, the bank blends traditional banking services with innovative solutions, providing investment products that extend to financial planning, wealth management, and community support.
Empowering Through Knowledge and Financial Services
In their quest to foster financial well-being among clients, Bankoh Investment Services offers numerous tools and resources. This empowers clients to invest wisely, manage their portfolios, and reach their respective financial goals, backed by the expertise of skilled financial professionals.
Looking Ahead: The Future of Investment Services
As this partnership takes shape, both Cetera Financial Institutions and Bank of Hawai'i are dedicated to fostering a collaborative environment where innovative financial solutions thrive. Clients can anticipate a wealth of new opportunities that ensure their financial aspirations are realized with utmost support and care.
Frequently Asked Questions
What is the purpose of the partnership between Cetera and Bank of Hawai'i?
The partnership aims to enhance investment services offered by Bank of Hawai'i, focusing on technology-driven solutions and personalized client support.
What will happen to Bankoh Investment Services?
Bankoh Investment Services will be rebranded as Bankoh Advisors as part of this new partnership.
How does Cetera support its partner institutions?
Cetera offers a variety of resources and advanced technology designed to help banking and financial institutions enhance their investment services and client experiences.
What are the assets under administration for BISI?
BISI currently manages approximately $2.5 billion in assets under administration.
What services does Bank of Hawai'i provide?
Bank of Hawai'i offers a wide range of financial services, including retail and commercial banking, investment services, wealth management, and more.
